The Home Builders Institute recently released its latest construction labor market report. Studies found that residential construction employment now stands at 3.4 million. As of August, the 6-month moving average of job gains for residential construction was 5,667 a month.
Despite this, the unemployment rate for construction workers has been historically low compared to the past 20 years.
While April 2020 saw an increase in jobs, because of the housing demand impact of COVID-19, the trend was still going downward due to a shortage of construction labor.
